Brussels, 05/09/2001 (Agence Europe) - The United Kingdom is still keeping monetary union with Europe at arm's length while keeping a close eye on it. In its Annual Report, for example, the Bank of England signals that it is preparing its staff for potentially joining the Eurozone in order to cut the necessary adjustment time if the pound does join. The report states that the Bank wants to ensure that it is prepared to function as a member of the European System of Central Banks, to help prepare the British finance sector and to extend its economic analysis of the EMU without compromising with regard to its current responsibilities. The Bank's internal preparations are being coordinated by the Director of the European Monetary Institute, John Townend.
On a broader scale, the Bank is helping the Chancellor of the Exchequer to plan operations in the event of joining the single currency. It will also need to prepare the financial markets for changing over from the pound to the Euro, which would occur almost immediately the country joined Monetary Union, according to the Report. According to a recent British poll ('ICM Research), most of the British business world is still opposed to the Euro. Some 34% of British companies want the UK to adopt the single currency immediately, while 64% are opposed to such a measure.